What does it mean for a financial adviser to return home? What are the impacts? If you are thinking of moving back to the UK this blog is a must read! Here I will provide you with my top tips when considering returning to the UK.
Sometimes financial advisers working in the international space may, at some point in their careers, consider making the move back to the UK, perhaps for family reasons, cost of living or their children’s education, for example.
Maybe because 4 years ago I made the move myself, the international community often asked me about how to make such a transition a successful one. I noticed many common themes during my time back in the UK. Not least, as you have been an expat during your time working abroad, you’ll typically find it easier to work with returning expat clients. This therefore could be a niche you explore! You’ll be able to identify with their lifestyles and, as a result, their financial objectives.
So, for any IFAs looking at moving back to the UK, below are a number of factors I recommend are taken into consideration:
1. BEING A MEMBER
First, there are a number of routes which you can take to become an Independent Financial Adviser or Wealth Manager within the UK market. All of which will require you to be a member of an authorised body and have an appropriate Level 4 Qualification. The main body in the UK, which IFA’s tend to use, is the Chartered Institute of Insurance. The CII requires the completion of 5 multiple choice exams and 1 written paper, R01-R06.
2. QUALIFICATIONS AND STUDY TOOLS
Second, those advisers who previously left their UK roles as bank advisers, IFA’s, mortgage advisers and paraplanners may be able to get accreditation and reduce the number of qualifications they are required to further obtain. I would advise those returning to the UK to revisit this and speak with the CII on +44 (0)20 8989 8464. Alternatively, if you still have your login details you may be able to retrieve a ‘learning statement’ which will help you to identify what you have and what you may need to do.
3. KNOW YOUR “CREDITS”
Third, degrees in accounting, finance, business and economics can often all carry important ‘credits’. These credits will assist with building the necessary requirements to be an IFA in the UK and may even provide advanced credit exemptions, reducing the time it takes to become a Chartered Financial Planner. Typically, this would reduce the examinations required by 1-2 exams.
4. GET FULLY QUALIFIED
Fourth, it is possible to advise as a trainee under an appropriate level of firm supervision, once you have been assessed to meet a satisfactory level of competence and have the R01 qualification. Advisers have 30 months to pass the R0 qualifications once they have started as a CF30 (FCA customer facing function). I would expect this to be achieved in 12-18 months which is the average time someone who is serious about their career is likely to take but it can also be all completed in 6 months.
Fifth, dedication is a MUST! With the average amount of study hours per exam averaging between 50-60 hours and 100 hours for R06. This means it is simply impossible to cram for a week and expect to pass.
6. UPSKILL AND GAIN KNOWLEDGE
Sixth, advisers returning from abroad often find the UK to be totally different to their experiences overseas. There is a clear emphasis and requirement for advisers to provide rounded holistic financial advice. This can including estate planning, investment, tax, retirement and life protection. The number of tax wrappers, institutions, products and investments is far wider in the UK. This creates the requirement of huge levels of resources to research through and align with client objectives and needs. This leads to the requirement for advisers to keep upskilling themselves, maintain their knowledge and often specialise in specific areas.
7. THE REAL MISSION
Lastly, with the huge level of dedication, knowledge and experience required, being a financial planner in the UK is a lifelong career shared with clients. This journey is part of an over-arching mission to remain at our clients’ side for all their individual financial circumstances through every phase of life’s journey.
If you would like to speak to us about how to start your journey please get in touch.
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